Kiri Dyes and Chemicals Ltd, manufacturer of synthetic organic and dye has informed that its board of directors have approved the signing of a joint venture agreement with Hong Kong based Well Prospering Ltd, for setting up a dyestuff plant at Dudhwada in Vadodara district (Gujarat).

The board also recommended payment of 15% dividend (Rs 1.50 per equity share of Rs 10 each), subject to the approval of the members of the upcoming annual general meeting.

The company has reported a net profit of Rs 20.14 crore for the year ended March 2008.